Question says it all.
In Knex terms: A floating trigger is a trigger which is not attached to the actual gun in any way, except from a rubberband that pushes the stopper inside the barrel/gun to stop the ram from firing. The rubber band is the only thing that holds the trigger in, and you only have to pull the trigger lightly for the ram to pass. Here is a link to an example: https://www.instructables.com/id/Knex-floating-trigger-pistol-1/ Hope this explains it enough :-)
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In non-knex terms: It is more of the firing pin, but if it is floating, then it doesn't have a spring that holds it in place. So it can move when the trigger isn't moved. Sometimes it rattles enough to fire the gun. But guns that have a non-floating firing pin, have it held in place by the spring. Therefore it doesn't move forward on its own. Thus a much better design compared to the floating pin. I know you asked for knex terms, but since Hiyadudez already did knex, I would explain it for real guns if anyone was wondering about that. AI
It is just basically a new kind of trigger that is not really practical?
It's a rather suckish and seriously flawed type of block and true trigger. Hiyadudez and artificialinteligence explained what it does, but there are way too many flaws with one to actually be useful.